Health Savings Account Advantages

There are plenty of healthcare options available for those who want to protect themselves in case you experience future health issues. One of those options is a Health Savings Account. A Health Savings Account (or HSA) is a tax-exempt form of savings used to fund qualified medical expenses. They are great healthcare option for individuals who want to invest and save for the future. Health Savings Accounts come with some benefits that other Health Insurance options don’t provide. Below we explain some of the Health Savings Account advantages to help you decide if HSAs are the best option for you.

One of the distinctive health savings account advantages is that they act as a form of savings. Similar to a 401k or an IRA, a Health Savings Account will accrue interest over time which increases your overall balance. Individuals even have the option combine a Health Savings Account with their retirement fund. Once an individual turns 65, they can withdraw their full account balance.

Make Tax-Free Withdrawals

If you need to make a withdrawal for a qualified expense for yourself, your spouse, or your dependent, and HSA will allow you to do so, tax-free.

The Balance Rolls Over

If you end up never using your HSA during a given year, the balance will not decrease. At the end of the year, the final overall balance you end with will be your balance at the start of the next year.

They’re Transferrable

The individual owns their Health Savings Account. Since the account belongs to them, it follows them wherever they go. If someone decides to change job or health insurance plans, their HSA can be attached to their new policy and remain unchanged.

They’re Tax Deductible

Any contributions you make to your Health Savings Account are tax-deductible. This will decrease your taxable income, helping you save even more money.

If you want to experience the Health Savings Account advantages, then don’t hesitate to open one today. SkyBlue Insurance is an authorized rep for some of the leading providers of Health Savings Account. We can find you the best option so you can start investing in your health today. Contact us for a free Health Savings Account quote and your results instantly.